Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

AMP Acquires PFI

ATTN: BUSINESS EDITORS

AMP Asset Management today announced it had acquired the management contract for listed industrial property company, Property For Industry (PFI), for an undisclosed sum.

PFI is New Zealand's top listed industrial property investment company, having a portfolio of 37 properties located mainly in Auckland and Wellington. "We are delighted to have acquired the management contract for PFI," said AMP Asset Management Managing Director, Murray Gribben.

"As New Zealand's largest private property investment manager, we see real synergies in property investment management services, particularly as we move to an integrated global approach to investment property management," said AMP Asset Management's head of property, James Darkins.

"We also believe investors will benefit from the choice of two targeted top shelf listed property investments - PFI in industrial property and the AMP NZ Office trust in office property. Together these vehicles enable investors of all sizes to buy straight into best-of-class property investments," Mr Darkins said.

In 1998 PFI enjoyed gross shareholder returns of 19% and had a shareholder base of 3551. Its weighted average remaining lease term was 8.1 years. PFI listed on the New Zealand Stock Exchange in 1994 and has an independent board of directors.

AMP Asset Management is New Zealand's largest investment company managing funds of over $9 billion. ENDS....

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>